PG&E; to Miss Earnings Estimate

PG&E; Corp. said Thursday that it would report earnings from operations for 2003 that are lower than a previous estimate because they won’t include revenue from a rate case that has yet to be decided by state regulators.

The California Public Utilities Commission is not expected to issue a final decision in the case until after Feb. 19, when the company plans to report financial results for the fourth quarter and full year, PG&E; said.

The company, based in San Francisco, had projected 2003 earnings from operations of $1.90 to $2 a share.

The delay won’t affect overall revenue or net income significantly, PG&E; said, because most of any additional revenue from the rate case already is included in a separate account. That account, known as “headroom,” is included in net income.

PG&E; said it might be unable to report earnings Feb. 19 for its National Energy & Gas Transmission unit, which filed for bankruptcy protection in July.

Shares of PG&E; fell 38 cents to $27.58 on the New York Stock Exchange.